Ulster Bank chief to waive bonus over IT glitch

Jim Brown, chief executive of Royal Bank of Scotland-owned Ulster Bank has
waived his bonus for the year, bowing to political pressure after a computer
glitch left thousands of customers without access to cash.

Jim Brown, chief executive of Ulster Bank, said details of a compensation package will be announced within days.

He pledged an independent inquiry into the IT collapse last month which affected customers across Ireland and said nobody would be left out of pocket. Details of a compensation package will be announced within days.

The chief executive came under fierce questioning from politicians as he appeared before a parliamentary committee to discuss the turmoil at Ulster Bank and faced calls from politicians north and south of the border to turn down his bonus this year as a goodwill gesture.

Initially he said would not make a decision until his bonus was reviewed at the end of the year, but late last night he said he would not take it.

He said: "Everyone at Ulster Bank is completely focused on putting things right for our customers. I don't want there to be any doubt that this is also my personal priority. I am personally committed to re-earning the trust of our customers. I have therefore informed the Ulster Bank board that I do not wish to be considered for an annual bonus award for 2012."

It was announced on Wednesday that customers could win compensation from Royal Bank of Scotland's Irish unit due to chaos described as "appalling" by the country's central bank and likely to rumble on for a further two weeks.

The problems, which saw salaries fail to appear in accounts, holidaymakers unable to access cash at overseas ATMs and customers' household bills go unpaid, have been a public relations disaster for the bank, Ireland's third-largest lender.